Intrinsic value of Panhandle Oil&Gas - PHX

Previous Close

$21.30

  Intrinsic Value

$1.70

stock screener

  Rating & Target

str. sell

-92%

Previous close

$21.30

 
Intrinsic value

$1.70

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of PHX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.38
  44.40
  40.46
  36.91
  33.72
  30.85
  28.27
  25.94
  23.84
  21.96
  20.26
  18.74
  17.36
  16.13
  15.01
  14.01
  13.11
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
Revenue, $m
  45
  65
  91
  125
  167
  219
  280
  353
  437
  533
  642
  762
  894
  1,038
  1,194
  1,362
  1,540
  1,730
  1,930
  2,140
  2,361
  2,592
  2,834
  3,085
  3,347
  3,620
  3,903
  4,198
  4,504
  4,822
  5,153
Variable operating expenses, $m
 
  97
  136
  186
  249
  326
  418
  526
  651
  794
  955
  1,134
  1,331
  1,546
  1,778
  2,027
  2,293
  2,575
  2,873
  3,187
  3,516
  3,860
  4,219
  4,594
  4,984
  5,390
  5,812
  6,251
  6,706
  7,180
  7,672
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  41
  97
  136
  186
  249
  326
  418
  526
  651
  794
  955
  1,134
  1,331
  1,546
  1,778
  2,027
  2,293
  2,575
  2,873
  3,187
  3,516
  3,860
  4,219
  4,594
  4,984
  5,390
  5,812
  6,251
  6,706
  7,180
  7,672
Operating income, $m
  4
  -32
  -45
  -61
  -82
  -107
  -137
  -173
  -214
  -261
  -314
  -373
  -437
  -508
  -584
  -666
  -753
  -846
  -944
  -1,047
  -1,155
  -1,268
  -1,386
  -1,509
  -1,637
  -1,770
  -1,909
  -2,053
  -2,202
  -2,358
  -2,520
EBITDA, $m
  22
  -6
  -8
  -11
  -15
  -20
  -25
  -32
  -39
  -48
  -58
  -68
  -80
  -93
  -107
  -122
  -138
  -155
  -173
  -192
  -212
  -233
  -255
  -277
  -301
  -325
  -351
  -377
  -405
  -433
  -463
Interest expense (income), $m
  1
  2
  3
  5
  7
  10
  14
  18
  23
  29
  36
  44
  52
  61
  72
  82
  94
  107
  120
  134
  149
  164
  181
  197
  215
  234
  253
  273
  293
  315
  337
Earnings before tax, $m
  4
  -34
  -48
  -66
  -89
  -117
  -151
  -191
  -237
  -290
  -350
  -416
  -489
  -569
  -655
  -748
  -847
  -952
  -1,064
  -1,181
  -1,303
  -1,432
  -1,566
  -1,706
  -1,852
  -2,004
  -2,161
  -2,325
  -2,496
  -2,673
  -2,857
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  4
  -34
  -48
  -66
  -89
  -117
  -151
  -191
  -237
  -290
  -350
  -416
  -489
  -569
  -655
  -748
  -847
  -952
  -1,064
  -1,181
  -1,303
  -1,432
  -1,566
  -1,706
  -1,852
  -2,004
  -2,161
  -2,325
  -2,496
  -2,673
  -2,857

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  207
  298
  419
  573
  767
  1,003
  1,287
  1,620
  2,007
  2,447
  2,943
  3,495
  4,101
  4,763
  5,478
  6,246
  7,065
  7,934
  8,852
  9,818
  10,831
  11,891
  12,999
  14,153
  15,355
  16,605
  17,905
  19,256
  20,660
  22,119
  23,635
Adjusted assets (=assets-cash), $m
  206
  298
  419
  573
  767
  1,003
  1,287
  1,620
  2,007
  2,447
  2,943
  3,495
  4,101
  4,763
  5,478
  6,246
  7,065
  7,934
  8,852
  9,818
  10,831
  11,891
  12,999
  14,153
  15,355
  16,605
  17,905
  19,256
  20,660
  22,119
  23,635
Revenue / Adjusted assets
  0.218
  0.218
  0.217
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
Average production assets, $m
  194
  280
  393
  539
  720
  943
  1,209
  1,523
  1,886
  2,300
  2,766
  3,284
  3,854
  4,476
  5,148
  5,870
  6,639
  7,456
  8,319
  9,227
  10,179
  11,175
  12,216
  13,301
  14,430
  15,605
  16,827
  18,097
  19,416
  20,787
  22,213
Working capital, $m
  6
  7
  10
  14
  19
  24
  31
  39
  49
  59
  71
  85
  99
  115
  133
  151
  171
  192
  214
  238
  262
  288
  315
  342
  372
  402
  433
  466
  500
  535
  572
Total debt, $m
  52
  92
  145
  212
  297
  400
  524
  670
  839
  1,031
  1,248
  1,489
  1,754
  2,043
  2,356
  2,691
  3,049
  3,429
  3,830
  4,252
  4,695
  5,159
  5,642
  6,147
  6,672
  7,218
  7,786
  8,377
  8,990
  9,628
  10,291
Total liabilities, $m
  90
  130
  183
  250
  335
  438
  562
  708
  877
  1,069
  1,286
  1,527
  1,792
  2,081
  2,394
  2,729
  3,087
  3,467
  3,868
  4,290
  4,733
  5,197
  5,680
  6,185
  6,710
  7,256
  7,824
  8,415
  9,028
  9,666
  10,329
Total equity, $m
  117
  168
  236
  323
  432
  565
  724
  912
  1,130
  1,378
  1,657
  1,967
  2,309
  2,681
  3,084
  3,516
  3,977
  4,467
  4,983
  5,527
  6,098
  6,695
  7,318
  7,968
  8,645
  9,349
  10,080
  10,841
  11,632
  12,453
  13,307
Total liabilities and equity, $m
  207
  298
  419
  573
  767
  1,003
  1,286
  1,620
  2,007
  2,447
  2,943
  3,494
  4,101
  4,762
  5,478
  6,245
  7,064
  7,934
  8,851
  9,817
  10,831
  11,892
  12,998
  14,153
  15,355
  16,605
  17,904
  19,256
  20,660
  22,119
  23,636
Debt-to-equity ratio
  0.444
  0.550
  0.610
  0.660
  0.690
  0.710
  0.720
  0.730
  0.740
  0.750
  0.750
  0.760
  0.760
  0.760
  0.760
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Adjusted equity ratio
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  -34
  -48
  -66
  -89
  -117
  -151
  -191
  -237
  -290
  -350
  -416
  -489
  -569
  -655
  -748
  -847
  -952
  -1,064
  -1,181
  -1,303
  -1,432
  -1,566
  -1,706
  -1,852
  -2,004
  -2,161
  -2,325
  -2,496
  -2,673
  -2,857
Depreciation, amort., depletion, $m
  18
  26
  36
  50
  67
  87
  112
  141
  175
  213
  256
  304
  357
  414
  477
  543
  615
  690
  770
  854
  942
  1,035
  1,131
  1,232
  1,336
  1,445
  1,558
  1,676
  1,798
  1,925
  2,057
Funds from operations, $m
  17
  -8
  -11
  -16
  -22
  -30
  -39
  -50
  -63
  -77
  -94
  -112
  -132
  -155
  -179
  -205
  -233
  -262
  -293
  -326
  -361
  -397
  -435
  -475
  -516
  -559
  -603
  -650
  -698
  -748
  -800
Change in working capital, $m
  -4
  2
  3
  4
  5
  6
  7
  8
  9
  11
  12
  13
  15
  16
  17
  19
  20
  21
  22
  23
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
Cash from operations, $m
  21
  -10
  -14
  -20
  -27
  -36
  -46
  -58
  -72
  -88
  -106
  -125
  -147
  -171
  -196
  -223
  -252
  -283
  -316
  -350
  -385
  -423
  -462
  -503
  -545
  -589
  -635
  -682
  -732
  -783
  -837
Maintenance CAPEX, $m
  0
  -18
  -26
  -36
  -50
  -67
  -87
  -112
  -141
  -175
  -213
  -256
  -304
  -357
  -414
  -477
  -543
  -615
  -690
  -770
  -854
  -942
  -1,035
  -1,131
  -1,232
  -1,336
  -1,445
  -1,558
  -1,676
  -1,798
  -1,925
New CAPEX, $m
  -26
  -86
  -113
  -145
  -182
  -222
  -266
  -314
  -363
  -414
  -466
  -518
  -570
  -622
  -672
  -721
  -770
  -817
  -863
  -908
  -952
  -997
  -1,041
  -1,085
  -1,130
  -1,175
  -1,222
  -1,270
  -1,319
  -1,371
  -1,425
Cash from investing activities, $m
  -25
  -104
  -139
  -181
  -232
  -289
  -353
  -426
  -504
  -589
  -679
  -774
  -874
  -979
  -1,086
  -1,198
  -1,313
  -1,432
  -1,553
  -1,678
  -1,806
  -1,939
  -2,076
  -2,216
  -2,362
  -2,511
  -2,667
  -2,828
  -2,995
  -3,169
  -3,350
Free cash flow, $m
  -4
  -114
  -154
  -202
  -259
  -325
  -400
  -484
  -576
  -677
  -785
  -900
  -1,021
  -1,149
  -1,283
  -1,421
  -1,565
  -1,715
  -1,869
  -2,028
  -2,192
  -2,362
  -2,537
  -2,718
  -2,906
  -3,100
  -3,301
  -3,510
  -3,727
  -3,952
  -4,186
Issuance/(repayment) of debt, $m
  8
  40
  53
  68
  84
  103
  124
  146
  169
  193
  217
  241
  265
  289
  313
  335
  358
  380
  401
  422
  443
  463
  484
  504
  525
  546
  568
  590
  614
  638
  663
Issuance/(repurchase) of shares, $m
  -1
  85
  116
  153
  198
  250
  311
  379
  455
  538
  629
  727
  831
  942
  1,058
  1,180
  1,308
  1,442
  1,580
  1,725
  1,874
  2,029
  2,190
  2,356
  2,529
  2,708
  2,893
  3,086
  3,286
  3,494
  3,710
Cash from financing (excl. dividends), $m  
  7
  125
  169
  221
  282
  353
  435
  525
  624
  731
  846
  968
  1,096
  1,231
  1,371
  1,515
  1,666
  1,822
  1,981
  2,147
  2,317
  2,492
  2,674
  2,860
  3,054
  3,254
  3,461
  3,676
  3,900
  4,132
  4,373
Total cash flow (excl. dividends), $m
  3
  12
  15
  19
  24
  29
  35
  41
  48
  54
  61
  68
  75
  81
  88
  94
  101
  107
  113
  119
  125
  130
  136
  142
  148
  154
  160
  166
  173
  179
  187
Retained Cash Flow (-), $m
  -2
  -85
  -116
  -153
  -198
  -250
  -311
  -379
  -455
  -538
  -629
  -727
  -831
  -942
  -1,058
  -1,180
  -1,308
  -1,442
  -1,580
  -1,725
  -1,874
  -2,029
  -2,190
  -2,356
  -2,529
  -2,708
  -2,893
  -3,086
  -3,286
  -3,494
  -3,710
Prev. year cash balance distribution, $m
 
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -73
  -101
  -134
  -174
  -221
  -276
  -338
  -407
  -484
  -568
  -659
  -756
  -860
  -970
  -1,086
  -1,208
  -1,335
  -1,467
  -1,606
  -1,749
  -1,899
  -2,053
  -2,214
  -2,381
  -2,554
  -2,733
  -2,920
  -3,113
  -3,315
  -3,524
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  -69
  -91
  -115
  -140
  -166
  -192
  -216
  -239
  -258
  -273
  -283
  -288
  -287
  -282
  -271
  -256
  -237
  -216
  -193
  -169
  -146
  -123
  -102
  -82
  -65
  -50
  -38
  -28
  -20
  -14
Current shareholders' claim on cash, %
  100
  81.0
  66.4
  55.0
  46.0
  38.8
  33.1
  28.3
  24.4
  21.2
  18.5
  16.3
  14.3
  12.7
  11.3
  10.0
  9.0
  8.1
  7.2
  6.5
  5.9
  5.3
  4.8
  4.4
  4.0
  3.6
  3.3
  3.0
  2.7
  2.5
  2.3

Panhandle Oil and Gas Inc. is engaged in the acquisition, management and development of non-operated oil and natural gas properties, including wells located on its mineral and leasehold acreage. The Company's mineral and leasehold properties are located primarily in Arkansas, New Mexico, North Dakota, Oklahoma and Texas, with properties also located in various other states. The Company's oil, natural gas liquids (NGLs) and natural gas production is primarily from wells located in Arkansas, Oklahoma and Texas. As of September 30, 2015, the Company's principal properties consisted of perpetual ownership of 255,411 net mineral acres, held principally in Arkansas, New Mexico, North Dakota, Oklahoma, Texas and six other states; leases on 19,575 net acres primarily in Oklahoma, and working interests, royalty interests, or both, in 6,195 producing oil and natural gas wells, and 65 wells in the process of being drilled or completed.

FINANCIAL RATIOS  of  Panhandle Oil&Gas (PHX)

Valuation Ratios
P/E Ratio 88.8
Price to Sales 7.9
Price to Book 3
Price to Tangible Book
Price to Cash Flow 16.9
Price to Free Cash Flow -71.1
Growth Rates
Sales Growth Rate 15.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 550%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 44.4%
Total Debt to Equity 44.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 0.8%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.5%
Return On Equity 3.4%
Return On Equity - 3 Yr. Avg. 0.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 68.9%
Gross Margin - 3 Yr. Avg. 65.1%
EBITDA Margin 51.1%
EBITDA Margin - 3 Yr. Avg. 46.4%
Operating Margin 8.9%
Oper. Margin - 3 Yr. Avg. -12.1%
Pre-Tax Margin 8.9%
Pre-Tax Margin - 3 Yr. Avg. -4.2%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. -0.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 26.7%
Payout Ratio 75%

PHX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PHX stock intrinsic value calculation we used $45 million for the last fiscal year's total revenue generated by Panhandle Oil&Gas. The default revenue input number comes from 2017 income statement of Panhandle Oil&Gas. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PHX stock valuation model: a) initial revenue growth rate of 44.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.9%, whose default value for PHX is calculated based on our internal credit rating of Panhandle Oil&Gas, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Panhandle Oil&Gas.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PHX stock the variable cost ratio is equal to 148.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PHX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Panhandle Oil&Gas.

Corporate tax rate of 27% is the nominal tax rate for Panhandle Oil&Gas. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PHX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PHX are equal to 431.1%.

Life of production assets of 10.8 years is the average useful life of capital assets used in Panhandle Oil&Gas operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PHX is equal to 11.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $117 million for Panhandle Oil&Gas - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 17.246 million for Panhandle Oil&Gas is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Panhandle Oil&Gas at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ EnerCom Dallas Announces 2018 Conference Presenters   [Jan-18-18 05:44PM  PR Newswire]
▶ Panhandle Oil & Gas posts 4Q profit   [Dec-12-17 04:49PM  Associated Press]
▶ Panhandle Oil And Gas Inc. Announces Dividend Payment   [Nov-03-17 03:50PM  PR Newswire]
▶ Top 3 Mid-Cap Oil E&P Stocks for 2017   [02:49PM  Investopedia]
▶ Panhandle Oil & Gas posts 3Q profit   [Aug-07-17 07:27PM  Associated Press]
▶ Panhandle Oil and Gas Inc. Announces New Director   [Aug-01-17 12:26PM  PR Newswire]
▶ Panhandle Oil and Gas Inc. Announces Dividend Payment   [Jul-24-17 01:13PM  PR Newswire]
▶ Cars and Small-but-Strong Energy Stocks in Play   [May-19-17 05:20PM  TheStreet.com]
▶ Panhandle Oil & Gas posts 2Q profit   [May-05-17 05:09PM  Associated Press]
▶ CEO Invests in Panhandle Oil and Gas   [Apr-03-17 03:19PM  GuruFocus.com]
▶ Webcast-OGIS New York for Panhandle Oil & Gas, Inc.   [Mar-08-17 05:56PM  at Company Spotlight]
▶ Panhandle Oil & Gas reports 1Q loss   [05:06PM  Associated Press]
▶ Panhandle Oil and Gas Inc. Announces Dividend Payment   [Dec-14-16 11:00AM  PR Newswire]
▶ Panhandle Oil And Gas Inc. Announces Executive Changes   [Dec-13-16 08:30AM  PR Newswire]
▶ Panhandle Oil and Gas Inc. Announces Dividend Payment   [Oct-28-16 07:00AM  PR Newswire]
▶ Panhandle Oil and Gas Inc. Announces Dividend Payment   [Jul-26-16 12:40PM  PR Newswire]
▶ Panhandle Oil and Gas Inc. Announces Dividend Payment   [May-18-16 07:30AM  PR Newswire]
Financial statements of PHX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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